Sony officially reveals the PlayStation 4 Pro

According to Sony, it will have” more than double” the GPU power than the original PS4 and is equipped with a higher-clocked CPU. Yes, this the PS4 will work with your current content but it does include support for High Dynamic Range (HDR) and 4K (using special rendering techniques and upscaling). The PlayStation 4 Pro will be available side-by-side (although at a later release date) with the PlayStation 4 Slim.

And if you have to ask, yes, this will work very well with the PlayStation VR.